PBBM to certify RTL as urgent to bring down rice prices

PBBM to certify RTL as urgent to bring down rice prices
PBBM to certify RTL as urgent to bring down rice prices

MANILA — President Ferdinand R. Marcos Jr. said Monday he would certify as urgent the proposed amendments to Republic Act No. 11203 or the rice tariffication law (RTL) to lower rice prices in the country.

The President made the remarks during a media interview following his attendance to the 2024 GOCCs’ Day at the Philippine International Convention Center in Pasay City.

“Yes, I think it justifies the urgent certification,” the President said when asked if he supports the proposal.

“Ang problema kasi kaya tumataas ang presyo ng bigas dahil ang mga trader ay nagko-compete. Pataasan sila ng presyuhan sa pagbili ng [bigas] at wala tayong control doon.” he pointed out.

According to the President, the government can influence or control rice prices if amendments to the rice tariffication law are introduced, particularly in buying palay and selling rice to the public.

House Speaker Martin Romualdez has been pushing for the RTL amendment to allow the National Food Authority (NFA) to sell rice in the markets.

He said rice prices could go down by P10 to P15 or close to the P30 per kilogram mark if RTL is amended, noting it’s the President’s priority to stabilize rice prices.

Envisioned to bring down rice prices, the RTL allows unlimited entry of imported rice into the country. It prohibits the NFA, however, from buying and selling rice and limits the agency’s mandate to managing buffer rice stocks. (PND)

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